PGS (Sell, TP: NOK5.00) - Back to earth
We maintain our negative view on PGS as the valuation continues to look demanding and consensus appears overly optimistic on late sales in the coming years. Moreover, the recent debt raise came at a relatively high cost, and we believe the lower-than-expected amount could raise questions regarding its liquidity buffer over the next 12 months. We reiterate our SELL, but have increased our target price to NOK5 (3.5) on slightly higher estimates for 2024–2025.Petroleum Geo-Services is engaged in providing geophysical services and oil and gas production services. As of Dec. 31, 2001, Co. operated six Ramform design vessels in its marine seismic data acquisition operations.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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